Initial Jobless Claims Crash Back To 44-Year Lows

After a brief disturbance due to the hurricanes this fall, initial jobless claims have collapsed back to 225k (down 11k last week), hovering near their lowest level since 1973...

Update: Southbay Reserach notes that the main driver behind the drop in claims is California which saw a one-week drop of -6K (not seasonally adjusted). Typically California claims remain elevated as farm workers get laid off. Added to that wave are the massive fires in Southern California which closed businesses for a week. However, because of the fires, many workers were unable to file claims.

In other words - claims will jump next week when the firess are put out.

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So the question is... What's everyone complaining about?

By the looks of this chart, everything is awesome! Probably a good time for a trillion-dollar-deficit busting fiscal stimulus tax reform package?

Comments

LawsofPhysics Thu, 12/14/2017 - 08:52 Permalink

Equities at "all time highs", unemployment at "all time lows" and yet the fuckers in banking and finance still need access to hundreds of trillions at 1.25% interest?!?!?!?That isn't rain peasants!!!"Full Faith and Credit"same as it ever was, you just cannot fix stupid!

Hubbs Thu, 12/14/2017 - 08:57 Permalink

Maybe no one needs to file jobless claims anymore. They no longer need to work. They are all getting rich off of BTC, and maybe  a few other govt transfer payments.  

Harry Lightning Thu, 12/14/2017 - 09:01 Permalink

Jobless claims at 44 year lows, and retail sales soaring through the roof.......and some asshole continues to buy long bonds. I am looking forward to seeing him being made redundant. And leaving with a big enough loss that no one ever will hire him again.

small axe Thu, 12/14/2017 - 09:09 Permalink

"It is well enough that the people of the nation do not understand the BLS bullpucky, for if they did, I believe there would be a revolution before tomorrow morning."Henry Ford, 100 years later

Aireannpure Thu, 12/14/2017 - 09:11 Permalink

Looooow wages, high f'in taxes, terrible family fun venues, creepy sex maniac's, yieldless investments, stupid immigrants, the list is endless!!! Civil war is here.

Kreditanstalt Thu, 12/14/2017 - 09:13 Permalink

When a stroll thru any neighbourhood or street will tell you things are not going well, one could be forgiven for wondering why this ridiculous attempt at bean-counting - which is so easily corrupted by silly fires and hurricanes in one small region of a vast economy - can be taken seriously... Does it count involuntary poverty-level burger-flippers, waiters and bartenders as unemployed?  No.  Trinket-sellers on ebay as 'employed'?  Yes.

VW Nerd Thu, 12/14/2017 - 09:15 Permalink

Fed/ECB still terrified to raise rates off zero tells me the global economy is still in the shitter.  Jobless claims at 44 year lows tells me the economy is rocking.  There's a big lie somewhere.

geno-econ Thu, 12/14/2017 - 09:22 Permalink

Wait until after Christmas and New Year.  No need for box store greeters, bartenders, cooks, waitresses, delivery truck drivers or car sales actors.  Big spike in need for accountants to figure out new tax returns.  Perhaps a few new openings in WH and Congress as well.  Later in year, when reality of lame growth sinks in, a normal business cycle stockmarket correction may pose an imminent threat to the entire financial system----quick, put in a call to the new Fed Chair and summon Mnuchin back from his vacation in Jerusalem

GotAFriendInBen Thu, 12/14/2017 - 09:26 Permalink

Another antifa???By the looks of this chart, everything is awesome! Probably a good time for a trillion-dollar-deficit busting fiscal stimulus tax reform package?How can ZH put this garbage up here?Everyone knows you are either with the swamp draining pumpkin head or you are notNo in between

lindaamick Thu, 12/14/2017 - 09:29 Permalink

Here is some anecdotal information related to this article.In 2016, as a retired person, I went to work as a cashier at Lowe's.  The conditions were terrible as was the pay.  During my time there cashiers came and went.  ALL reported going from low pay retail jobs to other low pay retail jobs IN ORDER TO try and find one that was not abusive. In my opinion this class of worker never stays in one of these jobs long enough to be layed off and therefore qualify for unemployment benefits.  Instead they quit and get rehired somewhere else in order to try and find some working environment that is not awful.  This group does this repeatedly as few, if any of these establishments offer a humane work environment and working conditions. 

Silver Savior lindaamick Thu, 12/14/2017 - 10:12 Permalink

The worst part is dealing with all those crazy and sick in the head customers. They will notice you walking fast because you are trying to get somewhere quick but they lack common sense and will stop you to ask you questions and it happens every time. I get so frustrated I do laps around the building or go to the back of garden. Working is slavery and these corporations make their slaves deal with the dirty rotten scum of the public. I accumulated 500 hours of vacation and often want to get fired just to cash out. It's wrecking me. But I know once I do it I will never be able to make what I make ever again in a line of work.

In reply to by lindaamick

CingRed Thu, 12/14/2017 - 09:31 Permalink

Something else that doesn’t add up, the new tax bill is supposed to pay for itself by growing the economy, that is by adding lots of new jobs. The BLS says virtually everyone that want a job has a job (very low unemployment numbers and very low initial claims). So who’s lying, Congress or the BLS? You can’t have it both ways. The correct answer to that question is Both of them.

Silver Savior Thu, 12/14/2017 - 10:01 Permalink

Meanwhile where I live my nephew is trained in welding, has a superior work ethic but can't get a job in that or even in retail. I been looking for a second job for five years but there is nothing. The part time workers where I work want more hours but can't get them. Overtime for full time workers is non existent and highly frowned upon.To those who think things are great..... Yeah fuck you. After the year 2000 that was it. Everything went to hell. The good thing is we have crypto currency to make up for lost wages and theft. And precious metals artificially cheap so we can buy a bunch of and short this whole cesspool of an immoral unethical and collapsing economy. Good day.

loveyajimbo Thu, 12/14/2017 - 10:39 Permalink

Let's see... there are 110 million working age people in the US not working.  Their unemployment ran out many years ago... so are they all now on welfare?  No reason to try to find a minimum wage job either, because health insurance cost alone would wipe out your income... so it will be permanent... Shit, no wonder we are $20 trillion in debt!! Thanks, Barry, you asshole!

0hedgehog Thu, 12/14/2017 - 10:57 Permalink

Only the claims are dropping and not the actual joblessness. 230,000,000 able bodied adults,98,000,000  without employment,is about 42% by my math. Smoke and mirrors!